Atrium Mortgage Investment Corporation
Reports Highest Ever Q2 Revenue / Lower Rates Fuel Growth Prospects
Published: 8/13/2024
Author: FRC Analysts
Sector: Financial Services | Industry: Mortgage Finance
Ticker Symbols:
AI.TO - TSX 🔹
AMIVF - NASDAQ 🔹
- In Q2-2024, AI recorded its highest-ever Q2 revenue (up 6% YoY), amid higher lending rates and mortgage originations, aligning with our estimate.
- However, EPS was down 20% YoY, driven by higher loan loss provisions, missing our estimate by 5%. Annual regular dividends remained unchanged at $0.90/share.
- Despite sluggish sector activity, we were encouraged by a 53% YoY increase in AI’s loan advancements. Consequently, mortgage receivables (gross) rose 2% QoQ to $908M – the highest
